Serica Energy Announces Long Term Incentive Plan Awards

Source: www.gulfoilandgas.com 5/24/2024, Location: Europe

Serica Energy plc (AIM: SQZ) announces that the Company has granted nil-cost options over a total of 1,291,130 ordinary shares of US$0.10 each (representing approximately 0.3% of the Company's issued share capital) in accordance with the rules of the Serica Energy plc 2017 Long Term Incentive Plan ("LTIP"). The total awards above include a nil-cost option over a total of 274,574 ordinary shares of US$0.10 each to the Company's Chief Financial Officer as set out in the table below. The awards are subject to performance vesting criteria that are designed to incentivise performance that delivers value for all shareholders.

The performance vesting criteria include sliding scale measures of share price performance (35% weighting) and of relative total shareholder return performance (35% weighting), in each case, in respect of a three year period ending at the end of April 2027; together with annual emissions intensity targets (30% weighting) in respect of 2024, 2025 and 2026. For the awards to vest in full, the 90 day end average share price must be at least equal to 400p, the Company's relative total shareholder return performance must be at least upper quartile relative performance (relative to a comparator group of companies) and an emissions intensity target (relating to CO2e per barrel of oil equivalent from the Group's entire producing portfolio of assets) met in respect of each of 2024, 2025 and 2026.

The awards have a normal vesting of date of 23 May 2027 and are subject to a continued service condition save in the case of good leavers.

Director / PDMR: Martin Copeland
Position: Chief Financial Officer
Number of shares awarded: 274,574


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